Why do listed buildings need specialist insurance?
Are you thinking about purchasing a listed building property? There are so many wonderful benefits to buying this type of home such as the beautiful architecture and history that comes along with it. However, you may want to think about factoring in the cost of specialist listed building insurance before purchasing.
Below, we have some more information for you all about why listed buildings are not only special in their design and history but also why they are a special case when it comes to insurance.
The History of Listed Buildings
In the United Kingdom, there are now over 35,000 listed buildings. So, what does it mean when a property is listed? Well, these buildings have great architectural or historical importance. They are split into two different types of categories. The first is Grade I and the second is Grade II. Grade II buildings are of national importance and special interest and you will find that approximately 92% of listed buildings fall under the Grade II category.
The majority of listed buildings in the United Kingdom were constructed between 1700 and 1834, however, there are also some that were built pre 1700 and are in near original condition.
What Makes Listed Properties Unique for Insurance Purposes
There are a few reasons why it is, unfortunately, sometimes not as easy to get home insurance for listed properties as it is to get insurance on a modern home. Many insurance companies take the view that owners of listed buildings are far more likely to put in a claim and that this will be much more expensive for the insurance company as there is normally specialist work involved. With listed buildings, you can expect them to be constructed from materials that are not as popular today such as daub and wattle, which can be expensive to replace. What’s more, other features require skilled professionals to repair them such as a thatched roof.
How to Check If a Building is Listed
If you are looking at a property that you think may be listed, there are a few ways in which you can double check. The first is through an estate agent. They should have the right information on a property’s listed status. Secondly, you can also do some research for yourself using the tool provided on the Historic England website. This will allow you to double check the information given to you by the estate agent and it is also here that you more about the property’s history and why it was listed. This is a fantastic tool as it can help you plan for any repairs that you may need to carry out and you will also need this information for any specialist listed building insurance that you need to have in place before completing your purchase.
Not all insurance companies offer this type of insurance, so you will need to obtain a quote from a trusted company such as CIA landlords insurance who are one of the top brokers in the UK. They can offer you a fantastic price for listed building insurance and they also offer insurance for many other types of properties.
With the above information, hopefully you should feel fully equipped to make a decision on purchasing a listed building. If you’re still unsure, you can find some more guidance in this article.